THE CABLE
The Central Bank of Nigeria (CBN) has launched a cash swap programme in partnership with super agents and deposit money banks (DMBs).
The apex bank said this in a circular on Friday, jointly signed by Haruna Mustafa, director, banking supervision department; and Musa Jimoh, director, payments system department.
The circular was addressed to all DMBs, mobile money operators (MMOs), super agents and agents.
Super agents are companies licensed by the CBN to recruit agents for the purpose of agency banking.
The CBN said the cash swap programme will be effective from Monday, January 23, 2022.
It said the initiative is aimed at enabling citizens in rural areas or those with limited access to formal financial services to exchange old naira notes for redesigned notes.
The old notes are expected to be out of circulation by January 31.
